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Gold: technical picture

Gold price is consolidating in the $13185/50 range this week.  XAU/USD is calmly waiting for the FOMC meeting minutes. Fed tapering hints could pressure the bullion price.

As can be seen from the daily chart, XAU/USD is now trading at the lower border of the bearish 2011-2013 channel. Earlier in the summer gold broke lower, touching a three-year low at $1180, but is now showing some signs of reversal. On a monthly chart one may see that the price is supported by a strong bullish Ichimoku Cloud.

Resistance is seen at 1385, 1425 and 1485, while support lies at 1340, 1275, 1205 and 1180. 

Chart. Weekly XAU/USD

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